Nathan Tinkler’s Aston Resources Limited
(ASX:AZT) has announced that it will sell an extra 10 per cent of its Maules Creek coal project in New South Wales.
The coking-coal developer will pocket $370 million from the sale to Japanese company, J-Power Australia Pty Ltd, with the funds going to developing the project.
The deal also includes a long-term thermal coal sales agreement that starts in 2014 for an initial 10 years pending consent from Aston's joint venture partner in Maules, ITOCHU, who hold a 15 per cent stake in the project.
Aston is targeting to secure planning approvals for Maules by early 2012 and to be producing by mid-2013.
Last week Aston Resources posted a maiden net profit of $243 million for the year to June 30, 2011, boosted by the sale of a 15 per cent stake in its Maules Creek Project.
